Q.^.  \ 


,  (.lIoirsE  OF  Representatives — Secrjjt  Session.] 

IIOUSl?^F^RdiPflES?N'^ATjMs;^anuary  11,  1S64.— Ordered 

to  be  printc'l.       ^    -- ' 

[By  Mr.  Garnett.] 


PROPOSITI  N  OF  FINANCE. 

1  I.    Thut  for  two   months,  from  and  after  the  passage  of  thit 

2  act,  treasury  notes,  not  bearing  interest,  heretofore  issued,  shall 

3  be  receivable  in  payment  of  public  dues  at  the  rate  of  five  doll  trs 

4  for  one  dollar  due,  and  may  be  fuhd-.-d  at  the  game  rate  in  six 
o  per  cent,  stock,  and  not  otherwise;     and  after   the  expiration  of 

8  the  said  two  months,  the  said  treasury  notes  shall  be  receivable 
7  and  fundable  as  aforesaid,  at  one-tenth  of  their  nominal  value, 
3  and  not  otherwise ;  and  those  notes  still  outstanding  at  the  eiid 

9  of  the  war,  shall,  when  due,  be   paid  at  one-twentieth  of  their 

10  nominal  value.     Call  certificates  heretofore  issued  may  be  funded 

11  at  the  same  rates  with  notes  into  which  they  are  convertible: 

12  Frovidedy  however,  That  all  taxes  due  on  the  business  or  incomes 

13  01  18G3,  under  the  act,  approved  April  24,  1863,  entitled  *'  An 

14  Act  to  lay  taxes  for  the  common    defence   and   carry    on   the 

15  Government,"  may  be  paid,  as  heretofore,  in  treasury  notes  of 

16  existing  issues  at  par. 


1  II.    The  authority  heretofore  given  to   the  Secretary  of  the 

2  Treasury  to  issue  treasury  notes  is  hereby  revoked,  and  instead 

3  thereof,  he  is  authorized  to  issue  treasury  notes,  not  bearing 

4  interest,  and   not  fundable  at   the   pleasure  of  the  holder,  but 

5  payable  in  specie  two  years  after  the  ratification  of  a  treaty  of 

6  peace  with  the  United  States,  and  meantime   receivable  in  pay- 

7  ment  of  all  public  dues,  except  the  export  duty  on  cotton,  and 

8  such  other  taxes  as  may  be  required  to  bo  paid  in  specie.     The 

9  faith  of  the  Government  is  hereby  pledged  that  these"  notes  shall 

10  never  be  taxed,  and  shall  be  fundable,  receivable,  and  payable  at 

11  par,  as  herein  provided,  and  that  the  aggregate  amount  of  the 

12  said  notes,  together  with  the  aggregate  value,  rated  as  provided 

13  in  the  former  section  for  funding  them,  of  notes  formerly  issued 

14  and   outstanding,    shall   never   exceed   two   hundred   and   fifty 

15  millions  of  dollars.     The  holder  of  notes  of  former  issues  may 

16  exchange  them  at  the  Treasury  for  notes  of  this  issue  at  the  rate 

17  of  ten  dollars  for  one. 

1  III.  Nothing  in  the  first  and  second  sections  shall  be  construed 

2  to  apply  to  the  notes  heretofore  issued  under  five  dollars. 

1         IV.  The  Secretary   of  the  Treasury    is  authorized  to  issue 

^.  bonds,  payable  and  redeemable  in  specie,  thirty  years  after  date, 

;j  and  bearing  interest  at  the  rate  of  six  per  centum  per  annum, 

4  payable  semi-annually  on  the  first  of  January  and  July.     The 

5  said  interest  shall  be  paid  in  specie  from  and  after  one  year  after 


6  the   ratification  of  a  treaty   of  peace  with  the  United   States. 

7  These  bonds  shall  be  for  one  hundred  dollars,  or  exact  multiples 

8  of  one  hundred  dollars,  and  shall  be  coupon  or  registered  bonds, 
!)  as  the  purchaser  may  desire,  and  the  holdev  shall  have  the  privi- 

1(1  lege,  under  regulatiuus  to  be  prescribed  by  the  Se,cretary  of  the 

1 1  Treasury,  of  converting  at  any  time  coupon  into  registered   or 

12  registered  into  coupon  bonds;  and  the  faith  of  the  Government 

13  is  hereby  pledged  not  to  tax  the  principal  or  interest  of  these 

14  bonds. 

1  V.  All  export  duties  hereafter  imposed,  and  all  excise  duties 

2  hereafter  levied,  on  manufactured  cotton  and  tobacco,  are  pledged 

3  for  the  punctual  payment  of  the  principal  or  interest  of  these 

4  bonds  ;  and  the  coupons  thereto  attached  shall,   as  they  become 

5  due,  be  recQivable  in  payment  of  said  duties,  oi  any  other  duties, 

0  required  hereafter  to  bo  paid  in  specie. 

1  VI.  The  Secretary  of  the  Treasury  shall,  from  time  \^.  dme, 

2  sell,  upon  the  best  terms  he  may  find  practicable,  for  treasury 
S  notes  of  the  issue  herein  authorized,  specie,  or  foreign  exchange, 

4  so  many  of  these  bonds  as  may  be  necessary  to  meet  the  wants 

5  of  the  treasury. 

1  VII.  Bonds  of  the  Confederate  States,  issued  under  authority 

2  of  other  acts  than  this,   may   be   exchanged  at  the  treasury  for 
S  the  bonds  herein  authorized  at  the  following  rates,  to  wit :  eight 

4  per  cent,  bonds  at  ;  seven  per  cent,  bonds  at 

5  six  per  cent  bonds  at  ;  four  per  cent,  bonds  at               ; 


6  and  treasury  notes  bearing  intercut  at  the  rate  of  7.30  per  cent. 

7  at  .  j^ 

1  VIII.   The  Secretary  of  rfre  Treasury  is  autliorized  during  the 

2  present  war  toissue,io  any  public  creditor,  who  may  be  willing 

3  to  receive  the  same    in   distdiargo   of  his   claim,  a  certificate  of 

4  ii.debten^^s,  payable  in  sppcie  two  years  after  the  ratification  of 

5  aii^ii^y  <5f  peace   with  the  Unite  1  States,  an  1  bearing  intc'est 
at  the  rate  of  eight    per    cent.,    payable    aniuiliy,  in    troisary 

7  notes.     These    certificates    shall   be  made    pa\  able  to  order,  and 

8  transferable  only  by  special  assignment. 

1  IX.  Property  impressed    may  be    paid    f)r,  one   half  in  trea-- 

2  sury  notes,  and  the  other  half  in  certificates  of  indebtedness. 


AN  ACT  to  impose  duties  on  exports  and  to  levy  excises  on  manu- 
factured cotton  and  tobacco. 
1  Section  -l .     The    Congress  of  the  Confedf^rate  States  of  America 

"i     do  enact,  That  hereafter  there  shall   be  levied  and  paid  a  doty  of 

3  cents  on  every  pound   of  cotton,  and  of  cents 

4  on  every  pound  of  tobacco  exported  from  the  Confederate  States ; 

0  and  on  all  othrr  exports  there  shall  be  levied  and  paid  a  duty  of 
6  per  cent,  ad  valonm. 

1  Sec   2.  There  shall  be  levied  and  collected  an  excise  duty  of 

2  cents  on  every  pound  of  cotton,  and  cents 
iJ  on  every  pound  of  tobacco  manufactured  in  the  Confederate 
4     States. 


AN  ACT  to  require  duties  on  imports  to  be  collected  in  specie. 
1  The  Congress  f  the  Confederate  States  of  America  do  enact.  That 

3     from  and  after  the  first  day  of  May  all  duties  on  imports  shall  bo 
3     collected  and  paid  in  specie. 


